India and the Caribbean agree on an annual business summit

The summit, the date of which is yet to be announced, will alternate between India and the Caribbean country, Jaishankar said after a meeting of CARICOM officials.

The minister is on a four-day visit to Guyana in northeastern South America, where 40% of the population is of Indian origin.

Confederation of Indian Industry (CII) President Jay Shroff called for greater cooperation between his country and the Caribbean and Latin America: “India and Latin America and the Caribbean share common aspirations and challenges,” he said.

Shroff noted that Guyana is attracting increasing international interest.

“The recent oil and gas discovery in Guyana has opened enormous opportunities for collaboration and development,” he said.

In addition, there are other opportunities in agriculture and food production, Shroff said after assuring that the Indian industry is trying to strengthen its presence in the Latin American market.

Guyana, which has the world’s largest per capita oil reserves since the discovery of offshore oil, says it wants to diversify its economy with windfall.

Guyana’s Finance Minister Ashni Singh encouraged Indian companies to set up and invest in Guyana, noting that “any manufacturer based in Guyana enjoys privileged access to the Caricom market”.

The Indian foreign minister, who will leave Guyana on Monday, will visit Panama, Colombia and the Dominican Republic.